Bursa Malaysia continues uptrend at mid-afternoon

KUALA LUMPUR: Bursa Malaysia continued its uptrend at mid-afternoon, in line with some of its Asian peers, aided by news that China’s central bank has relaxed its conditions on targeted reserve requirement cuts to benefit more small firms, in a move to support the slowing economy, said dealers.

The People’s Bank of China will include loans for small firms with a credit line of less than 10 million yuan ($1.46 million) in its assessments for targeted reserve requirement cuts, up from 5 million yuan.

At 3.08pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,675.13, up 6.84 points, from Wednesday’s close of 1,668.11.

The key index opened 7.05 points higher at 1,675.16.

Gainers led losers 317 to 322 while 358 counters were unchanged, 862 untraded and 21 others were suspended.

Turnover stood at 1.27 billion shares worth RM706.55 million.

Among heavyweights, Maybank was flat at RM9.39, Public Bank shed 18 sen to RM24.48, Tenaga rose 14 sen to RM13.58 while Petronas Chemicals was six sen better at RM9.30.

Of actives, CIMB and Jaks Resources slipped one sen each to RM5.64 and RM44.5 sen, respectively, Bio Osmo added half-a-sen to four sen and Mitrajaya was two sen better at 28 sen.

The FBM Emas Index rose 36.52 points to 11,428.95, the FBMT 100 Index added 38.69 points to 11,345.90 and the FBM Emas Shariah Index jumped 66.92 points to 11,391.88.

The FBM Ace Index fell 26.06 points to 4,263.48 and the FBM 70 gained 16.04 points to 13,001.09.

Sector-wise, the Finance Index improved 27.41 points to 17,212.36, the Industrial Products and Services Index inched up 0.29 of-a-point to 165.73 and the Plantation Index was 83.80 points stronger at 6,847.89.